|By Marketwired .||
|May 20, 2014 09:37 PM EDT||
OAKDALE, CA -- (Marketwired) -- 05/20/14 -- Oak Valley Bancorp (NASDAQ: OVLY) inadvertently failed to timely file a Form 8-K for the press release dated April 18, 2014 related to its operating results for the quarter ended March 31, 2014. This press release serves solely as notification of the Form 8-K late filing and there are no revisions to the operating results that were presented in the press release dated April 18, 2014, which is included below.
Oak Valley Bancorp Reports 1st Quarter Results
OAKDALE, CA -- Oak Valley Bancorp (NASDAQ: OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported consolidated financial results. For the three months ended March 31, 2014 consolidated net income available to common shareholders was $1,408,000, or $0.18 per diluted common share. This compared to consolidated net income of $1,300,000 and net income available to common shareholders of $1,232,000, or $0.16 per diluted common share for the same period a year ago.
Total assets were $687.6 million at March 31, 2014, an increase of $39.2 million, or 6.0%, over March 31, 2013. Gross loans increased by $32.5 million to $422.5 million as of March 31, 2014, an increase of 8.3% over March 31, 2013. The Bank's total deposits were $616.0 million as of March 31, 2014, an increase of $35.8 million, or 6.2% over March 31, 2013.
Net interest income for the three months ended March 31, 2014 was $6.1 million, an increase of $255,000, or 4.4% over net interest income of $5.8 million for the same period last year. The net interest margin for the three months ended March 31, 2014 was 4.04%, compared to 4.05% for the same period last year.
"We are pleased to report another strong quarter of earnings and are excited about the momentum we've maintained with regard to lending activity following the strong finish in 2013. Our confidence in the growth potential and future opportunities in the communities we serve grows stronger every day," stated Chris Courtney, President and CEO.
Non-interest expense for the quarter ended March 31, 2014 totaled $4.9 million, an increase of $242,000 or 5.2% over the same period of 2013. This was due in part to a modest increase in salaries and benefits, as full time equivalent staffing rose from 134 employees to 142, as of March 31, 2014 compared to March 31, 2013, as we added staff to support continued deposit and loan growth. Deposit servicing costs related to year-over-year increases in deposit accounts and corresponding transaction volume also contributed to the increase in non-interest expense. Non-interest income increased by $25,000 or 3.2% during the first quarter as compared to prior year, primarily due to service charge income from the increased volume of deposit accounts.
As of March 31, 2014 non-performing assets were $6.2 million or 0.90% of total assets, compared to $6.4 million or 0.99% of total assets as of March 31, 2013. There was no provision for loan losses during the three months ended March 31, 2014, compared to $100,000 during the same period last year. The allowance for loan losses totaled 1.80% of gross loans at March 31, 2014 compared to 1.99% at March 31, 2013.
The Company currently operates through 14 branches in Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.
For more information, please call 1-866-844-7500 or visit www.ovcb.com.
This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
Oak Valley Bancorp Financial Highlights (unaudited) ($ in thousands, except per share) Selected 1st 4th 3rd 2nd 1st Quarterly Quarter Quarter Quarter Quarter Quarter Operating Data: 2014 2013 2013 2013 2013 Net interest income $ 6,104 $ 6,372 $ 6,030 $ 6,024 $ 5,849 Provision for loan losses - - 100 100 100 Non-interest income 810 812 866 818 785 Non-interest expense 4,881 4,668 4,619 4,734 4,639 Net income before income taxes 2,033 2,516 2,177 2,008 1,895 Provision for income taxes 625 809 672 634 595 ---------- ---------- ---------- ---------- ---------- Net income 1,408 1,707 1,505 1,374 1,300 Preferred stock dividends - - - - 68 ---------- ---------- ---------- ---------- ---------- Net income available to common shareholders $ 1,408 $ 1,707 $ 1,505 $ 1,374 $ 1,232 ========== ========== ========== ========== ========== Earnings per common share - basic $ 0.18 $ 0.22 $ 0.19 $ 0.18 $ 0.16 Earnings per common share - diluted $ 0.18 $ 0.22 $ 0.19 $ 0.18 $ 0.16 Dividends paid per common share $ 0.10 $ - - - - Return on average common equity 8.59% 10.47% 9.45% 8.48% 7.82% Return on average assets 0.84% 1.01% 0.92% 0.86% 0.81% Net interest margin (1) 4.04% 4.19% 4.12% 4.18% 4.05% Efficiency ratio (2) 68.29% 63.05% 64.65% 67.17% 67.95% Capital - Period End Book value per common share $ 8.40 $ 8.14 $ 7.99 $ 8.01 $ 8.10 Credit Quality - Period End Nonperforming assets/ total assets 0.90% 0.48% 0.68% 0.65% 0.99% Loan loss reserve/ gross loans 1.80% 1.83% 1.85% 1.94% 1.99% Period End Balance Sheet ($ in thousands) Total assets $ 687,591 $ 671,853 $ 659,192 $ 644,230 $ 648,418 Gross loans 422,510 419,438 413,856 390,647 389,992 Nonperforming assets 6,164 3,256 4,495 4,189 6,439 Allowance for loan losses 7,615 7,659 7,669 7,570 7,743 Deposits 615,997 602,633 591,642 577,129 580,215 Common equity 67,824 64,517 63,379 63,457 64,098 Non-Financial Data Full-time equivalent staff 142 136 135 134 134 Number of banking offices 14 14 14 14 14 Common Shares outstanding Period end 8,071,355 7,929,730 7,929,730 7,924,730 7,914,730 Period average - basic 7,878,152 7,803,247 7,802,705 7,802,012 7,778,333 Period average - diluted 7,941,456 7,859,380 7,851,157 7,842,964 7,830,439 Market Ratios Stock Price $ 9.41 $ 8.37 $ 7.96 $ 7.67 $ 8.14 Price/Earnings 12.98 9.64 10.40 10.86 12.67 Price/Book 1.12 1.03 1.00 0.96 1.01 (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 34%. (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 34%, and a marginal federal/state combined tax rate of 41.15% for applicable revenue.
Chris Courtney/Rick McCarty
Phone: (209) 848-2265
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